NUGT Gold Miners Bull 3X Daily Chart Upward-Sloping Channel Inverted H&S's

NUGT is the dangerous and speculative triple X ETF that longs the gold miners. NUGT has been getting beaten, down a huge -10% today alone. The weekly NUGT chart is very constructive to the upside. The daily chart above shows an upward-sloping channel in play. The 50 MA at 70 serves as support. The indicators want to see some lower lows in price. The blue circles show two open gaps. The neon dots show landing points for price moving forward. Since NUGT is such a dangerous play, it is prudent to obtain the best possible price, not easy in this environment, the eve of the Jobs Report where all asset classes will likely react violently tomorrow.

Keeping risk low, the logical play is to wait to see if 51.5-ish will print (the lower gap fill), if so, it will likely be a quick intraday event so you would have to watch NUGT like a hawk. Since the weekly chart is constructive, this area is very appealing from a risk-reward perspective, but, alas, trading is never that easy. Another option would be to enter a partial position now, and then say at 60 then at 50. Keystone will be watching this one to see if sub 65 will print which may be a good snag. Price may hold the 50 MA at 70 and start moving up from there, so be it, it is better to wait for a good price. If it goes up from here, more power to the folks already in it. Thus, projection is to wait for an entry at 65, then another at 52, to play the long side. The pink and green lines show two inverted H&S's in play, one with a target of 164 (if the 105 gives way) and the other at 200 if the 122 level gives way. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.